The townspeople of Sweetwater, Arizona Territory gather to watch as a black-suited man rides into town. Children approach the man as does Rodney Catlow, the local newsboy. His boss, newspaper publisher Mary Lou Springer, come running out to see the man: Bret Maverick. Mary Lou tries to take a picture of Bret but the flash spooks the horse, throwing him. Mary Lou apologizes and explains that she took pictures of all of the other gamblers in town for the big game.
Bret goes to the Red Ox Saloon, making his way past a group of anti-gambling protestors. The owner of the saloon, Mandy Packer, is an old friend of Bret’s. She tells him that Doc is resting upstairs and Bret goes up to his room. The other gamblers aren’t thrilled to see that Bret has arrived. One of them, Ramsey Bass, glances over at a blue-eyed kid standing at the bar.
Sweetwater is holding its yearly sheriff’s election and Mitchel Dowd is running against the incumbent, Tom Guthrie. Dowd wants Sweetwater to become a beacon of hope and condemns the Red Ox Saloon as a haven for gamblers and prostitutes. He tells the townspeople that they may have needed Tom when the town was uncivilized, but now it’s time for a new breed of sheriff. As Bret watches from the crowd, a drunk named Lucas approaches him and first compliments him and then picks a fight. While Tom gives a very brief speech, Lucas persists and Bret is forced to draw on him. Tom intervenes and sends Lucas home, and then apologizes to Bret for the attack. Bret admits that he gets a lot of people attacking him because of his reputation. Tom advises Bret to stay in his hotel room when he isn’t playing in the poker tournament, but Bret insists that he can look after himself. As Bret walks away, two men named Sloate and Dembro watch Tom and Bret talking and figure that they can take their target once he’s alone.
That night, Bret returns to the hotel and finds Doc sitting outside: gunfighter and gambler Doc Holiday. As they share a drink from Doc’s flask, Doc admits that with his reputation he was lucky to get into the tournament. He talks about going to Paris to die after he wins the big pot, but Bret warns him that he won’t fall for his brink-of-death act and go easy on him. Doc suggests that Bret would be better off finding a new way to make a living and Bret admits that he’s considered settling down and raising bulls on a patch of land... some day.
The next day, the poker tournament begins and Mandy charges $10 a head for people to watch. Mary Lou has all of the gamblers gather for a group picture, but Bret manages to keep his face hidden. Inside, Tom demands that they turn over all of their weapons. When it’s Bret’s turn, he claims that he’s unarmed. Tom has read about his exploits and knows about all of the hidden weapons that he keeps on him. Bret reluctantly hands them over and goes to the table. Bass thanks Tom for keeping them all safe, but Tom relieves him of a knife as well.
Before the game can begin, Bret asks Tom to remove the Blue-Eyed Kid, who is sitting behind him and ready to give signals to Bass. Once Tom removes the Kid, the players cut for high card and Doc wins. He puts down his drinking flask on the table but Bret points out that he can see the cards that he’s dealing to the other players in the silvered reflection. Meanwhile, Mary Lou continues taking pictures. When Bret asks why, he’s dismayed to hear her say that it is the last big event of a passing breed.
The gamblers play and are eliminated until Bret, Doc, Mandy, and Bass are left at the table. When the bet goes to Bass, he’s unable to match Bret’s bet but insists he can win. Bass has the Kid toss him a gun and demands that Bret call rather than raise. Bret reveals four of a kind, beating Bass’s full house. When Bass prepares to kill him, Bret tells his opponent that he has a second derringer that Tom missed, and he’s holding it beneath the table and aiming at Bass’s... vulnerable spot. Bass thinks that Bret is bluffing but Bret doesn’t back down. Finally, Bass drops his gun and demands to see Bret’s gun. Bret points out that Bass folded and doesn’t get to see his hand or his gun. As Bass walks away, Doc congratulates Bret on his bluff, but Bret doesn’t say if he was bluffing or not.
The three players continue to the next hand. Bret raises large and Mandy calls him and raises again. Doc calls but Bret raises yet again and Mandy runs out of money. Credit isn’t allowed so Mandy puts up the Red Ox’s deed for $30,000 and raises $25,000. Doc puts in all of his money as well to raise. Bret points out that he could raise ten more dollars and they couldn’t call, but agrees to play it with the hands they all have. Mandy reveals a full house, but Doc beats her with four 3s. The elder gambler starts to reach for the pot, but Bret reveals that he has four aces. Bret offers Mandy the deed back but she refuses to take it, saying she’s never welshed on a bet. While Bret wonders what to do with the saloon, Doc laughs and tells Bret that he has plenty of money to get by until he can decide and move on to the next big score. Bret considers settling down and Doc says that he’s heading for Colorado for the fresh air. Bret loans him $2,000 to cover his expenses and Tom suggests that Bret deposit the money in the Sweetwater Bank.
As people leave the Red Ox, the Kid meets with a group of miners who are just outside of town, digging a hole. The head miner, Wolfgang Mieter, assures the Kid that his calculations are 100% correct and that they’ll come up into the bank vault.
As Tom takes Bret to the bank with Mary Lou following them, he warns the gambler that the people in town won’t welcome a drifter no matter how much money he has. Mary Lou wants to know if Bret will continue to maintain prostitution and gambling at the Red Ox, but he insists that he just wants to live a quiet life. The two men from the crowd follow all three of them and figure that they can wait until their target is alone.
Bass is watching the bank when the Kid tells him that their miners will get into the vault that night. As Bret goes into the bank with his money, Bass smiles and says that they’ll soon be removing his money.
In the bank, president Elijah Crow shows off his new vault but admits that he can’t open it because it has a time lock. He offers to put the money in his old safe, and warns Bret that it’s the best he can expect as a drifter. Bret then asks about a ranch that he rode by on his way into town. Elijah admits that the old Miller place is for sale and quotes an outrageous price. Tom corrects him and the banker quickly gets him out. Once they’re alone, Elijah tries to close the deal but Bret says that he needs some sleep after the marathon poker session. As Elijah puts Bret’s money in the old safe, Bret notices that there are a lot of mortgage folders inside and the banker admits that he controls a great deal of property in town.
Tom goes to get lunch and Rodney approaches him .He warns the sheriff that Elijah is buying votes for Dowd, but Tom figures that the townspeople need the money. Rodney wonders why he doesn’t do some campaigning of his own and Tom refuses. When the newsboy pushes the issue, Tom warns him to stop asking personal questions. The conversation turns to Bret and Tom admits that he’s worried that Bret could be trouble. However, he concedes that it could soon be Dowd’s problem.
Elijah and Bret take a wagon out to the old Miller place. An old man, Cy Whittaker, shoots at them. The banker explains that Cy has been squatting on the property and Tom can’t keep him away. Bret wants to hear the old man’s side of things and approaches Cy. When he realizes that Bret plans to buy the ranch, Cy tries to play down its value but Bret quickly realizes that he’s lying. Cy explains that he’s worked as a foreman for the previous owners, but each one was forced to mortgage the property to Elijah and the banker eventually foreclosed. Bret says that he wants to raise bulls but Cy figures that he’s never done it before and warns him off the property. In response, Bret tells him that if Tom loses and no one owns the property, Elijah will have Dowd run Cy off the land. Cy concedes the point and Bret tells Elijah that he’ll buy the ranch and keep Cy on as foreman.
The next morning, Bret is coming down the street and gets the news that the bank has been robbed. He goes there as Elijah confirms that a group of miners, who had worked on a municipal project for the town, broke through the floor of the bank. However, they missed the vault and just took the money from the safe: Bret’s money. Bret demands his money but Elijah refuses to cover the loss and tells him that the deal is off unless he can offer some collateral. When Bret puts up the deed for the Red Ox, Elijah tells him that Mandy borrowed $50,000 against the saloon and Bret received the debt when he received the deed... and the interest as well.
When Bret goes to the Red Ox to confront Mandy, he discovers that she’s already left town along with the prostitutes. Dowd addresses the crowd and blames Tom for letting the robbers get away with their crime. Bret wonders where the posse is and realizes that no one is interested in recovering a drifter’s money. When Elijah puts up a $50 award, Bret realizes that he’ll have to raise his own policy and offers $500 if they get his money back. Several townsmen are interested until Rodney mentions that he heard the robbers ride out of town past his place and they were heading for the Badlands. The townsmen refuse to go even when Bret doubles his offer. Bret wonders why Tom isn’t riding after the posse and the sheriff says that it’s none of his concern. Rodney offers to go with Bret but the gambler realizes that he’d be taking the teenager into danger and turns him down.
Bret has no choice but to ride off on his own to get his money. As he goes to the stable to get his horse, an Indian scout comes in and says that he’s come to help. He introduces himself as Philo Sandeen, a former scout for General Custer at the Battle of Little Big Horn. He figures that Bret will need his help but only agrees to track the robbers, not fight them. He asks for his $500 in advance and Bret reluctantly pays him before the two men ride out.
As Tom checks the hole the miners used, Mary Lou comes up and notes that there was a time when he would have ridden out with Bret. Tom says that he’s older and smarter, but then admits that the robbers put one over on him. The sheriff figures that Elijah and Dowd will rig the election if he doesn’t stay to watch. However, Mary Lou points out that his job is to protect people, not his job.
Philo leads Bret through the Badlands on what he claims is a shortcut. However, the gambler soon realizes that Philo has no idea what he’s doing. They find tracks and Philo goes through an elaborate routine to analyze them. However, Bret realizes that they’ve crossed their own track. Philo draws his gun and tells Bret to lie down on the ground and play dead. The scout claims that Apaches have surrounded them and they will only let him leave if he pretends to kill Bret. Bret points out that there aren’t any Apaches in the area but Philo insists and the gambler realizes that he has no choice. He lies down and Philo rides off with Bret’s horse, Lowball. Once the scout leaves, the gambler gets up and starts walking. He finally finds his abandoned horse and convinces it to approach him.
As Bret rides after the miners, he hears Philo screaming and goes to investigate. The Indian scout has stepped into quicksand and is slowly sinking to his death. Bret considers whether to pull Philo out and finally rescues the scout. Philo tells the gambler that his life now belongs to Bret, even though Bret doesn’t want it.
Tom finally rides after the robbers and Mary Lou goes with him to get the story and take more pictures. Bemused, the sheriff asks if Mary Lou has a personal interest in Bret but she insists that she’s just after the story. They meet Bret and Philo, but Tom has no interest in carting Philo along with them as a prisoner. Philo offers to guide them and Tom admits that he’s competent when he tries. As they ride along, Bret asks Tom if there was ever anything personal between the sheriff and Mary Lou, but Tom refuses to answer any personal questions.
The Blue-Eyed Kid spots the approaching party and goes to warn Bass and the miners that they’re being followed.
Bret asks Tom why he came after all and the sheriff claims that he just did it to get away from Dowd and his speeches. When Tom asks why Bret is so determined to get the money back when he could just raise more, Bret explains that he decided to settle down and do something more with his life. Meanwhile, Mary Lou sets up her camera and prepares to take a dramatic shot of Tom and Bret as they ride past. Philo wants her to take his picture instead but Mary Lou isn’t interested. Before Mary Lou can get a picture of Bret, Bass and his men open fire from the cliffs. Bret returns fire while Tom carries Mary Lou, leaving her camera behind. Philo crawls across the dirt to get out of the line of fire.
As they try to return fire with their limited ammunition, Bret tries to bluff their opponents by claiming he’s a Federal examiner and offering a pardon. Bass knows that it’s Bret and calls his bluff. When that gambit doesn’t work, Bret has Tom pretend that he has been shot and killed and then sneak around behind their attackers. While Tom sneaks around, Bret tries to turn Bass’s men against him by saying that Bass stole $100,000 more than he claimed. As the miners think about it, Bret tells the Kid that Bass assaulted his sister and left a scar on his left arm. Bass insists that it’s another bluff but the Kid demands to see his arm. Bass ends up showing him both arms to prove that Bret is lying, but the miners demand their share of the extra $100,000.
Bret is left with nothing but his derringer and truthfully tells their attackers that Tom is above them. They figure that it’s another bluff until orders them to surrender. As Mary Lou checks on her camera, Bret discovers that Philo buried himself in the dirt, just as he did at Little Big Horn. Mary Lou takes a picture of the robbers and Philo poses with them. Bret gets his money back and offers Tom the $1,000 reward. However, Tom refuses, explaining that he’s just doing his job. Mary Lou points out that by now he may not have a job.
Back in town, Elijah tells the townspeople that Dowd has won the election. He promises the crowd that the days of gunfighters and gamblers are at an end. Tom and Bret ride in with their prisoners and turn them over to Deputy Sturgess, and then the ex-sheriff turns his badge over to Dowd. As Elijah and Dowd go to celebrate with the townspeople, Cy and the ranchers offer their condolences to Tom. Mary Lou tells Tom that she’s sorry while Philo offers to kill Dowd. Bret offers to buy Tom a drink and the man accepts. As they go to the Red Ox, Sloate and Dembro follow them.
As the two men drink, Bret wonders what Tom is going to do next. Tom admits that all he knows is being a lawman and Bret offers him a 75% interest in the Red Ox. When Tom wonders why Bret wants him as a partner, Bret explains that it’s thanks to Tom that he has a chance to settle down... and he figures that Tom is trustworthy. All Bret wants in return is a table to use for gambling from time to time. Tom agrees and Bret has him sign the deed. Once he’s done, Bret remembers to tell him that Elijah owns the mortgage and Tom now owes the banker $37,500. Tom is less than thrilled, but Bret assures him that he’ll be doing the town a favor by turning the Red Ox into an honest saloon. Tom gives up arguing but warns Bret that when he runs the Red Ox honestly, the rules will apply to everyone... including his partner.
Sloate and Dembro break in, call Tom “Blaylock,” and tell him that he’s going back to Louisiana with them. Bret shoots one of them with his hidden derringer and Tom subdues the other. He then explains that the two men are bounty hunters. Bret tells them to get out of town or he’ll kill them the next time he sees them. As Tom takes them out, Bret picks up the wanted posted they had, which has a picture of Tom with the name of Tom Blaylock. Tom comes back and asks if Bret still wants him as his poster, and Bret returns the poster and shakes Tom’s hand.
Later, Bret buys the ranch and names it the Lazy Ace. Mary Lou prepares to take a picture and Rodney asks Bret for some card-dealing tips. Bret tells him to stick with newspapers. Cy hands Bret a shovel and tells him that he can start managing the ranch by digging postholes. Mary Lou prepares to take a picture over Bret’s objections that he doesn’t want newspaper articles about him. Rodney and Tom join Bret and Cy for the picture, and Philo rides up and stands with them. Mary Lou takes the picture... just as Bret covers his face with a shovel.
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